IVANS Index is a data-driven report of current conditions and trends for premium renewal rate change of the most placed commercial lines of business in the insurance industry. Data collected in the IVANS Index enables insurers to determine competitive rates and the most profitable lines of business for investment. To learn more about IVANS Index, read IVANS Index: Industry Insights to Help You Run Your Business Better.
Premium Renewal Rate for November Experienced Variable Change Across Nearly All Major Commercial Lines
IVANS index November results show the majority of standard commercial lines products remain in positive territory, with Workers’ Compensation remaining in negative for premium renewal rate change. Month to month, Commercial Auto, Business Owners Policy, and Workers’ Compensation trended upwards, while the remaining lines of business demonstrated a decline in premium renewal rate change.
This month’s key findings include:
- Commercial Auto: 3.24%, up from 3.10% at the end of October.
- BOP: 3.99%, up from 3.57% the month prior.
- General Liability: 1.66%, down from 1.79% at the end of October.
- Commercial Property: 2.78%, down from 2.83% the month prior.
- Umbrella: 1.19%, down from 1.34% at the end of October.
- Workers’ Compensation: -1.81%, up from -2.24% the month prior.
The latest IVANS Index figures continue to demonstrate variance month to month, as they did in October’s findings, with premium renewal rate change across the industry remaining mainly positive. As it closes in on year-end and renewal season, IVANS Index will provide guidance for agents advising clients on policy changes and insurers with market intelligence to support pricing strategies.